SOURCE: CreditReport.com

CreditReport.com

July 14, 2010 05:00 ET

CreditReport.com and Overture Technologies Announce Private Student Loan Marketing Alliance

Innovative Online Resource Enables Unprecedented Comparison Capabilities for Students

CALABASAS, CA and BETHESDA, MD--(Marketwire - July 14, 2010) -  CreditReport.com, the leading credit report and credit score monitoring company, together with Overture Technologies, provider of an innovative private student loan comparison website, today announced a marketing referral alliance to assist students with sourcing competitive rates and terms for private student loans.

CreditReport.com will refer its consumers who are interested in shopping for private student loans to the Overture Student Loan Marketplace (http://www.overturemarketplace.com/CR). Overture Student Loan Marketplace is a national online loan comparison and shopping service available to students attending thousands of institutions of higher education.

In the current lending and regulatory environment, students have few places to turn to obtain accurate, detailed information on private student loan rates and terms. The Marketplace is the only online service that presents students with upfront, accurate comparisons of rates and terms -- not "as low as" advertisements -- giving them the meaningful information needed to effectively evaluate their available private loan funding options.

"Our mission is to level the playing field for consumers to create a truly efficient market for the acquisition of credit at the best available terms and rates," said Bruce Cornelius, Chief Revenue and Marketing Officer of CreditReport.com. "By presenting accurate comparisons of private student loans, the Marketplace will help our customers -- students and parents -- make informed decisions on how to finance their educational expenses and assist them in obtaining competitive rates and terms on these products."

As a referring partner of Overture's Student Loan Marketplace network of websites, CreditReport.com will afford the following benefits to its consumers who seek to finance higher education:

  • Presenting an upfront, accurate loan comparison: The Marketplace gives students the ability to compare and select detailed financing options instead of "as low as" advertisements for rates, with a complete listing of apples-to-apples loan terms including Total Cost, Monthly Payment, Interest Rate and APR.

  • Helping students discover untapped sources of loans: Loans from national lenders, credit unions, and regional banks are presented side-by-side for an easy, in-depth comparison. As the market changes, lenders' rates and terms are updated automatically, ensuring up-to-date information and an accurate picture of the student's available funding options.

  • Preserving borrower credit scores and privacy: The Marketplace enables a safer, more efficient loan shopping experience for students by using a single credit report to match borrower information with multiple lenders' products, and allows them to choose which lender, if any, receives their information.

"Taking out a private loan can be a complicated, confusing process, so we have leveraged our technology to streamline the shopping experience for students in the Student Loan Marketplace," said Russ Carlson, CEO of Overture Technologies. "We look forward to working to provide CreditReport.com's consumers with a transparent, responsible way to shop for private loans."

With strong emphasis on financial aid literacy and guidance, the Marketplace gives consumers a robust tool to assist with selecting a private loan. Students are presented with the information they need to make informed decisions on how to pay for college, including detailed explanations of relevant terms and smart borrowing practices.

The website for this new marketing alliance can be found at http://www.overturemareketplace.com/CR.

About CreditReport.com -- Based in greater Los Angeles, CreditReport.com is a leading provider of independent credit information to consumers, and specializes in the research, development and implementation of consumer-based services to be delivered to consumers via the Internet. The CreditReport.com service delivers an up-to-date e-commerce site that provides individuals with their personal credit information. More information can be found at www.creditreport.com.

About Overture Technologies -- Founded in 2000, Overture Technologies is the leading provider of solutions that help students and their families save money by making better financial decisions. Using patent-pending technology, Overture helps students create comprehensive plans for financing their education as well as source competitive rates on private student loans through a marketplace of national lenders, credit unions and other not-for-profit organizations.

Contact Information

  • Press Contacts:
    Dan Chmielewski
    Madison Alexander PR for CreditReport.com
    714-832-8716
    Email Contact

    Peter Carroll
    Overture Technologies
    Email Contact
    Phone: (301) 492-2142